New highs for the S&P 500, Naz and Russell 2K keep the fire alive on the heels of the Fed’s meeting.
The story here is the Russell, which just a couple of weeks ago was struggling below highs while the rest of the market partied. This a pure sign of new strength to be taken into consideration. The Dow remains just a shot below new highs.
Market is strong here. I’m sure everyone feels good about buying, which is precisely why we don’t want to add to any long positions.
Our longer-term bias remains bearish – for the time being. Though more new highs are likely in the cards for the short run.